The Senate Homeland Security and Government Affairs Committee has approved legislation that in part would clearly authorize the U.S. Postal Service (USPS) to enter new businesses that would either partner with or compete against established financial-services firms. The Office of the Inspector General of the USPS (OIG) has determined that it can offer many of these services without new law. However, its opinion is untested and many financial-services institutions contest it, making new law a more firm basis from which the USPS could proceed to become a formidable player in a wide array of retail financial services.
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